Algorand (ALGO) Becomes Yield Monitor’s First Non-EVM Mainnet Addition

April 10, 2022 9:54 pm

Yield Monitor is a database and analytic toolkit suite that has recently just received a grant from the Algorand Foundation.

This company has already previously worked and integrated with other blockchain networks like Ethereum, Fantom, and Polygon.

With this new addition, Algorand will be joining this diverse network database owned by Yield Monitor which will allow Algorand’s ecosystem to take advantage of the network’s existing integrations and provide all users with Algorand’s DeFi protocols.

Additionally, the integration will allow DeFi companies to get exposure to Algorand’s protocols and trail assets held in wallets on the Algorand blockchain.

Securities.io reports:

Onwards, companies dealing in DeFi, centralized finance (CeFi), and traditional finance (TradFi) will be empowered to offer users exposure to Algorand’s DeFi protocols, build new products on the protocols, and include data derived from the protocols in their products.

Additionally, they can track the price performance of individual assets, liquidity pool assets and yield farming assets.

Head of DeFi at The Algorand Foundation, Daniel Oon, verbalized his belief that Yield Monitor would provide the necessary on-chain data needed to maximize benefits from trading and offer a channel to manage their DeFi assets tactically.

Further, for Yield Monitor, the Algorand integration would mean increased traction in the users it supports, as it is gifting its scalable database with data from a sustainable, high performance, and scalable chain.

Besides making huge strides in the DeFi space, Algorand is also making big moves within the NFT space, specifically with carbon neutral NFTs.

Algorand is currently known as one of the first blockchains considered a pure proof of stake (PpoS) which will allow it to debut green and carbon-netural NFTs.

The NFTs that are minted show that they are one of the most sustainable so far in the entire crypto industry with each one emitting a minuscule amount of carbon dioxide which is far ahead of the competition.

Algorand is getting bolder with its statement of becoming a “green” blockchain by partnering with the Envision Racing Formula E team with its “race against climate change” initiative.

Securities.io concludes:

NFTs minted on Algorand are some of the most sustainable as they emit just 0.0000004 kg of CO2 per token, a figure which is significantly lower than the industry requirement and one that falls in line with the carbon reduction policy.

In addition, Algorand NFTs take up just a fraction of the power sucked up by Ethereum NFTs – 0.000008kWh per transaction against 70kwh per transaction.

The plan is that all proceeds from users who purchase a collectable from the eight limited-edition tokens on the On-track NFT Series would be directed to the RACC efforts to plant mangrove trees in Madagascar.

Each helmet NFT will represent a city hosting a Formula E race, including Rome, Monaco, Jakarta, Berlin, Vancouver, London, Seoul, and New York.

Algorand is also continuing to get more mainstream adoption in other areas.

The foundation has reportedly been working with the Ukraine government to onboard ALGO donations and has been matching all donations up to 1 million ALGO.

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